This Week’s Chicago Deal Sheet (September 9, 2022)


A large apartment building is in the works on the vacant lot next to the proposed $6 billion Lincoln Yards mega-project.

Sterling Bay, in a joint venture with Dallas-based Lone Star Funds, one of its partners in the Lincoln Yards project, plans to construct the 359-unit building on a vacant lot on North Kingsbury Ave. 2031-2033. The investment and development firm acquired the building from steelmaker A. Finkl & Sons in 2016, according to a planning application submitted to the city, reported by Crain’s Chicago Business.

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Courtesy of Sterling Bay/Pappageorge Haymes Partners

A rendering of 2031-2033 North Kingsbury Ave.

“Demand for multifamily housing across Chicago continues to grow, and 2031 N. Kingsbury sits at the intersection of several of Chicago’s most populous communities such as Lincoln Park, Bucktown, Wicker Park, as well as the future location of Lincoln Yards,” a Sterling Bay spokeswoman wrote in an email.

The horizontal building will span a long, narrow lot directly across from Lincoln Yards, according to the zoning application, as reported by Crain’s Chicago Business.

Lincoln Yards’ first building, an eight-story life sciences facility across the river, is slated to open next year.

SALE

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Courtesy of Interterra Realty

906-908 North Ladies Ave.

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Interterra Realty brokered the sale of 906-908 North Damen Ave., a pair of six-unit multi-family homes in the Ukrainian Village neighborhood for $2.5 million at a price of $208,000 each. Brad Feldman, Interterra’s Senior Managing Partner, represented the seller, a local real estate partnership. Feldman also represented the group when it bought the properties in 2017 for $1.7 million. Interterra Director Jeremy Morton represented the local buyer, who plans to increase electrical capacity and make minor upgrades to units, hallways and the building’s facade. Built in 1905, the 906-908 North Damen includes two one-bedroom units, eight two-bedroom and two three-bedroom units. The apartments were fully rented at the time of sale.

CONSTRUCTION AND DEVELOPMENT

McHugh Construction began vertical construction of Embry, a 16-story skyscraper by Sulo Development containing 58 luxury condominiums. The 201-foot building at 21 North May St. in the West Loop is scheduled for completion in fall 2023 and will feature duplex, two-, three- and four-bedroom units and two penthouses ranging in size from 1,800 to 5,200 SF. with pillar-free floor plans, dens, and large laundry rooms. The installation of the windows and facade elements is scheduled to begin in autumn, and the topping-out ceremony for the building is planned for January 2023.

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FINANCING

Managing Director Parker Stewart, Associate Vice President Alex Malzone and Vice President Dominic Martinez of Northmarq’s Chicago and St. Louis investment sales team completed the sale of the $45 million Prairie Vista Apartments. The property consists of 43 buildings including 38 rental buildings, a clubhouse, pool house and garages and features one, two and two bedroom floor plans with a loft. Dan Baker, vice president of Northmarq’s St. Louis office, secured $27 million in acquisition financing for the 304-unit property at 2401 West Alta Road in Peoria, Illinois. The loan was arranged by Freddie Mac with a 10-year fixed rate structure with five years interest only followed by a 30-year amortization schedule. Almost all units are occupied.

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Courtesy of Sterling Bay

A depiction of 225 North Elizabeth

Sterling Bay secured a $91.68 million home loan to build 225 North Elizabeth, its newest multi-family home in Fulton Market. The building will contain 350 residential units, 20% of which will be affordable housing, and is being developed in partnership with Denver-based private equity firm Ascentris. The 28-story property will consist of residential units, 9,000 SF of retail space, 95 parking spaces and amenities on the third and top floor of the building. Chicago-based general contractor McHugh Construction will oversee the construction of the project, and Hartshorne Plunkard will be the lead architect. Completion is expected in the second quarter of 2024.

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THIS AND THAT

Renovo Financial surpassed $1 billion in lending between January and August 2022 after announcing earlier this year that it had reached $2 billion in lending since its inception in 2011. The company now announced its expansion into the U.S. Tampa Bay, Florida, region, Phoenix and Denver in 17 markets nationwide.

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By The Hand Club For Kids, along with Present Future Architects, was awarded a Citation of Merit at the American Institute of Architects Chicago’s annual Design Excellence Awards for By The Hand Club – Moving Everest, a dual-purpose school and after-school club located at in the Austin borough. By The Hand Club – Moving Everest is a three-story, 53,000 SF building at 416 North Laramie Ave., serving 800 students from kindergarten through eighth grade. Joe Buehler, Principal Architect of Present Future Architects, is responsible for the interior and exterior design of the building.



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